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SolarEdge Technologies Inc：第三季度指引低于预期；欧洲库存将在2025财年恢复正常
SEDGSolarEdge(SEDG) 海通国际·2024-08-08 07:31

Investment Rating - The report maintains a Neutral rating for SolarEdge Technologies (SEDG US) with a target price of 100[40]CoreViews−SolarEdge′sQ32024revenueguidanceof100 [40] Core Views - SolarEdge's Q3 2024 revenue guidance of 260-290 million is significantly below the market consensus of 356million,indicatingaweaker−than−expectedperformance[1][2]−ThecompanyexpectsUSchannelinventorytonormalizebytheendofQ32024,whileEuropeaninventorynormalizationisdelayeduntilearly2025[1][2]−SolarEdgeanticipatesareturntohigherrevenuelevelsbyQ22025,withquarterlyrevenueexpectedtoreach356 million, indicating a weaker-than-expected performance [1][2] - The company expects US channel inventory to normalize by the end of Q3 2024, while European inventory normalization is delayed until early 2025 [1][2] - SolarEdge anticipates a return to higher revenue levels by Q2 2025, with quarterly revenue expected to reach 550 million and a gross margin of 23% [2] Financial Performance - Q2 2024 revenue was 265.4million,inlinewithconsensus,drivenbythesolarsegment,whichcontributed265.4 million, in line with consensus, driven by the solar segment, which contributed 241.1 million [2] - Non-GAAP gross margin for Q2 2024 was 0.2%, slightly better than the consensus of -1.1% [2] - The company reported a non-GAAP net loss of 101millioninQ22024,worsethantheconsensuslossof101 million in Q2 2024, worse than the consensus loss of 91 million [1][2] - SolarEdge shipped 0.9GW of inverters in Q2 2024, down 8% quarter-over-quarter, while optimizer shipments increased by 100% to 2 million units [2] Inventory and Cash Flow - Inventory levels stood at 1.5billioninQ22024,downfrom1.5 billion in Q2 2024, down from 1.55 billion in Q1 2024, with expectations to reduce to 1.3billionbytheendof2024[3]−Thecompanyexpectscashburnof1.3 billion by the end of 2024 [3] - The company expects cash burn of 70-90 million in Q3 2024, with positive cash flow anticipated by the first half of 2025 [3] Stock Repurchase and Impairment - SolarEdge repurchased 247,000 shares in Q2 2024, valued at 17million,aspartofa17 million, as part of a 300 million share repurchase program [2] - The company plans to conduct an impairment test on its assets in Q3 2024 [2] Market and Operational Challenges - European residential solar demand remained weak in Q2 2024, particularly in the Netherlands, with no acceleration expected in the commercial and industrial markets in the second half of the year [2] - The company faces challenges in managing inventory levels and achieving revenue growth amid market headwinds [1][2]